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Consolidated Balance Sheets (USD $)
Sep. 30, 2012
Dec. 31, 2011
Assets [Abstract]    
Real estate assets and lease intangibles, net $ 148,409,439 $ 133,336,214
Mortgages receivable 920,216 1,032,082
Cash And Cash Equivalents At Carrying Value 3,860,286 4,746,530
Assets held for sale 11,052,063 14,736,462
Restricted cash 839,545 966,687
Other real estate owned 2,178,531 2,178,531
Other assets, net 4,914,425 4,655,425
TOTAL ASSETS 172,174,505 161,651,931
Liabilities:    
Mortgage notes payable 72,748,381 59,658,789
Accounts payable and accrued liabilities 4,664,121 3,831,188
Liabililities related to assets held for sale 5,321,321 6,440,875
Dividends payable 1,104,427 1,008,699
Total liabilities 83,838,250 70,939,551
Shareholders' equity:    
Convertible series AA preferred stock, no par value, $25 liquidating preference, shares authorized: 1,000,000; no shares issued and outstanding liquidating value of $1,255,000 0 0
Convertible Preferred Stock 16 16
Common stock series A, $0.01 par value, shares authorized: 100,000,000; 156,095 152,881
Common stock series B, no par value, shares authorized: 1,000; no shares issued and outstanding 0 0
Additional paid-in capital 133,445,564 130,416,731
Dividends in excess of accumulated losses (55,457,122) (47,777,886)
Total shareholders' equity before noncontrolling interest 78,144,553 82,791,742
Noncontrolling interest 8,697,414 6,249,040
Noncontrolling interest related to assets held for sale 1,494,288 1,671,598
Total shareholders' equity 88,336,255 90,712,380
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 172,174,505 $ 161,651,931